Wells Fargo Deal Barred Proprietary Trades, 2nd Circ. Hears

Law360, New York (January 15, 2014, 4:37 PM EST) -- In oral arguments before the Second Circuit on Wednesday, attorneys for Wells Fargo & Co.’s investment banking unit sparred with broker-dealer Williams Trading LLC over the meaning of the language in the contract Williams alleges Wells Fargo breached by engaging in proprietary trading.

A district judge tossed Williams Trading’s suit against Wells Fargo Securities LLC in April, finding that the agreement between the two firms hadn’t given Williams Trading authority over Wells Fargo’s options, but Williams Trading maintained Wednesday that a provision in the agreement’s second...
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Case Information

Case Title

Williams Trading LLC v. Wells Fargo Securities, LLC

Case Number



Appellate - 2nd Circuit

Nature of Suit

4190 CONTRACT-Other Contract Action

Date Filed

April 29, 2013

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